Bitcoin prices surged today, hitting an all-time high of nearly $110,000, following the convergence of three supporting structural factors driving the digital currency upwards, according to analyst Austin King.
According to Coinbase data from TradingView, the cryptocurrency reached nearly $109,900 today.
King, co-founder of the Omni Network, stated via email: "Bitcoin reaching $109,000 is not just a speculative fluctuation, but a culmination of three supporting structural factors meeting simultaneously."
He pointed out that "first, the standard demand from US spot ETFs is absorbing supply faster than miners can produce after the halving last year, as BlackRock's IBIT index recorded a series of inflows for 20 days, with total ETF inflows exceeding $3 billion in May alone."
Second, policymakers are shifting from hostility to adoption: the stablecoin "GENIUS" bill passed by the Senate, which received bipartisan support, and Texas's move towards creating a strategic Bitcoin reserve at the state level, are expanding oversight and giving institutions the confidence to allocate funds," King continued.
Third, the market watcher noted that "the renewed trend towards inflation hedging is attracting large investors - as Blackstone just made its first purchase for an exchange-traded fund - while ordinary investors are seeking protection from persistent price pressures," thereby providing the third structural support.
King was not alone in highlighting the strong appetite for Bitcoin among investors recently, as Julio Moreno, head of research at CryptoQuant, provided compelling evidence of this demand.
He stated via Telegram: "I would like to say that prices have reached an all-time high amid the ongoing growth in immediate demand for Bitcoin from American investors. This is reflected in the positive Bitcoin price premium on the Coinbase platform."
